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tv   The Willis Report  FOX Business  April 18, 2013 6:00pm-7:00pm EDT

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be sure to watch tomorrow. an exclusive interview on why he is taking his books to broadway. doing the business of broadway. we will see tomorrow. "the willis report" is coming up next. ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" the government wants to see a two-year financial accounts. is there a plan violating your privacy? are you missing out on a perfect : you need to know about your frequent-flier miles. and we all know you should not text and drive. what is wrong with you via -- using global maps when you are behind the wheel. we're covering this tonight and more on "the willis report."
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gerri: our top story, is the government about to violate your privacy under the guise of protecting you? the consumer financial protection bureau demanding big banks for this customer data and using taxpayer money to buy and formation on how taxpayers use credit. with more on this, staff attorney. thank you for stopping by. appreciate your time. i am looking at this. the cftc says we have to have dated driven information to make the right as of rules to make sure we understand what consumers are doing. what they're doing is peering over our shoulder, looking into our bank accounts, credit card accounts, mortgages. isn't that just a brother? >> it is certainly concerning. your financial information reveals quite a bit about you. your credit card records, bank records, revealing not just your financial status but interesting things about your habits the more you go, how much travel, you see in what you do.
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it is concerning the government is looking into using data brokers and other sources to find out incredible amounts of affirmation of all sorts of people. gerri: here is what they want to spend. 20 million altogether. better credit record. the government has been regulating banks and consumer financial products. bank accounts, credit cards forever without this level of detail about us. when they have to have all this personal debts make these guys of decisions. >> and that has been the question. everyone seems to think that they did is the solution to everything. you have more data and could make better decisions. they need to realize there are costa data simply more information does not make for better decisions. maybe ways to use this is possibly but is not a matter of having access to everything. gerri: i could not agree more.
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the kinds of things that we are gaining access to, credit card information. they're going to know if you have over drafted your account. they will know if you buy an add-on products. , as a separate deal or they're picking of mortgage information. is there anyway i will be a will to fight back? >> and that's the question. laws on the books restrict the government from actually using this information to personal identify or profile individuals. as we have seen in many other contexts, the fact that there is a law on the boxes of me does not happen. they're gonna driver's license records to let voters are driving records, all sorts of other records that there in your possession of it is not properly protected, not oversight and auditing to make sure they're following the rules that they say they're falling, this could be vulnerable. as you said, it can be sensitive and dangerous. gerri: what do you think the ultimate risk is? >> the risk here is that
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consumers could have their permission exposed the government. it could be your spouse are your boyfriend works for the government and has access to information that he simply should not see. it could be there is more systemic problems or the information is not just used for consumer protection but handed over to law enforcement or immigration or other agencies that should not have access to the information without proper procedural safeguards. you want to make sure this is used only for the right purposes and not fair game for anything that anyone can possibly dream up. gerri: when it comes to the government, knowing things that they shouldn't and being involved in privacy issues. recently state attorney generals decided they would team up with what company but facebook to promote privacy. we will keep you safe. the experts we are bringing in is facebook. the federal trade commission not too long ago on charges that they were giving away information. was your private information. they promised not to. is the government just stupid or what?
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>> i'm not going to directly answer that question, but i'm certainly concerned because while they are cooperating with the government and trying to teach you bought to protect their permission, they do not have a pristine record of doing so. in fact, we sponsor the law in california called the right to know act that would allow consumers to ask companies, what information do you have and who are you sharing it with? and facebook is part of several industry groups that are opposing this legislation. the question is whether facebook is supporting individual's right to transparency and privacy or whether they're cooperating with the attorney generals and not released pending a behind the principles. gerri: sarai ago someone seems to want my personal details. my zip code, when i'm buying something, they're getting all my private details. thank you for coming on tonight. a story we will continue to review many times, i'm sure and we look forward to seeing you again. the unbelievable. what will they think up next? now we want to know what you
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think. do you trust a government which are private data? log on to and vote on the right-hand side of the screen. also tonight, talk about being a brazen. dozens of irs workers are charged with stealing government benefits. these are the very same workers who are supposed to protect taxpayer dollars. instead they're ripping off the system. elizabeth mcdonnell this year with more. great to have your. tell me about this story. >> coming out of tennessee, and what happened was basically irs workers essentially telling the u.s. government, we have been furloughed. we're out of a job. we need to get unemployment benefits, welfare, housing vouchers. food stamps. what happened was the state found out and essentially found them stealing 250,000 plus. now, you're right. these doesn't -- the guy supposed to be watching out for things like false tax refunds
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going out the door. so this is a twist on we have been asked to pay our fair share. now they have been caught taking their fair share. this has national implications because of the government furloughs. in other words, budget cuts, federal workers being laid off. the federal workers are basically allegedly getting government benefits but then getting rehired and not telling the government that they have been rehired. so 13 of these irs workers were caught essentially lying saying there were still out of a job when they weren't. gerri: what a story, but what it reminds me of, didn't you report that lots and lots of federal workers don't pay their income taxes? >> that's right. something like three and half billion in back taxes. 312,000 federal workers searching all across branches of the federal government. the department of housing and urban development, the government printing office, the most. even the treasury department, some myra's workers are not
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paying their federal taxes. get this. another twist. we are hearing that the treasury department has launched, the inspector general's office launched something called operation double dip to stop irs workers from double dipping, in other words, getting government benefits they're not entitled to that is what they're looking at. this could be a story we will see more headlines coming at a later on. gerri: so is it a good thing? >> if it stops the problem of workers, irs workers getting government benefits that are due. gerri: no one is better at covering the irs then you. thank you for coming up tonight. unbelievable. now we want to bring you the latest developments to a story we have been following. yesterday i told you outrage that was that for every dollar homeowners who are wrongly foreclosed on get for our recent settlement. consultants it for. apparently it gets worse. some of these homeowners after waiting for years are getting their compensation in the form of checks that bounced. as some go to deposit checks
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there being told funds are not available. unbelievable. how many things to go wrong? a lot apparently. and broadcasters are not giving up the fight. pbs, univision and our parent company are turning to appeal a recent decision allowing network content to be strained over antennas. panel of judges earlier ruled they do not violate broadcast copyrights. currently just in the new york city area but hopes to expand to 22 markets later this year. we have more to come. just getting started, including in answer to the question, should you discuss your payout at work? are you kidding me? and imagine seeing this the next time you dougie cash. an inside look into the future of your atm. take a look at that. it's coming up. ♪
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thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
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how old is the oldest person you've known? we gave people a sticker and had em show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living lger, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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♪ gerri: tonight, i have the atm of the future right here next to me, this machine. we will show you what it does in just a minute. first, i want to welcome senior director for the company that developed this machine. now, i thought it made sense. >> we have had a long history, ben the business for 150 years. security is still a major part of our business. forty years ago we moved in the atm business. now we provide banks and credit unions around the world atms and self-service devices. gerri: and how are you guys responding? >> we have ddne a lot of research. what consumers want more and more is additional convenience, access their bank debt anytime anywhere anyhow. at the same time they also want to do it and maintain a personal connection that they have.
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and it matters. gerri: what is so interesting about what you're doing, i don't think i talked to a teller in two years, but today you will help me. >> exactly, but not in the branch. gerri: well, show me this machine. >> sure. what you have is a standard atm with a video camera. right here. and what this does, at the same time this allows you to have a conversation. all walking through it. all right. there you go. gerri: output and my number. okay. >> is saying you have a certificate of deposit that is maturing. in one of the things. have a conversation with their representative or ignored and a launch your transaction. gerri: added not even know that. i'm going to say, yes, i want to know and here's a lot of affirmation on different cds that i can sign up for. oh, my gosh. they come i see there's a lot of affirmation here on a cd that i
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could get from all different kinds of rates and maturities. i would think that what i want to do business rollover into the same kind that i had before. >> absolutely. e-mail us. i can send you a confirmation. gerri: i would love that. thank you. nice to meet you. you're looking mighty pretty. >> thank you. have a good day. gerri: in addition, what you can do is ask another question. if you wanted to you could ask -- clear that she can answer that question. gerri: that is like. for example, you're putting in $500 you want to know when this will clear. you can hit a button, talk to a tellerrand find that out pronto without even having to walk really into the bank office. >> that you can do that instantaneously. so from a consumer perspective
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it is a much better experience that the banks can provide. gerri: it occurs to me that banks to using these atms in the first place to save money on tellers. now we're bringing the teller back. is that demand from consumers? >> again, going back to what i said before, consumers like the personal connection with the people of the bank. and so, while they want the added convenience of a quick conversation, this does not mean that they're going away. it will just be doing different things to more value-added services. i am doing transactions, helping you with their finances, solving complex problems. gerri: i hope it also me too many products. tell me this, when will i start seeing in my city. >> working with a number of messages yesterday for a positive results. we would expect you will hear more about this. gerri: rolling out everywhere and it is easy to use. this is any example and we are seeing their early versions of this, it will be easy to use and we will be able to help out with the financial issues.
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>> exactly. and one of the things i like to say to my parents talk to my kids on my tablet on video all the time to muzzle seeing someone on video is not a foreign concept. consumers getting increasingly comfortable. gerri: thank you for coming on. really fun to see. way cool. well, later in the show, figuring your frequent-flier miles is no easy task. tips to make most. and talking about your pay at work. still taboo. more and more people saying no. how do you do that? ends is after the break. ♪
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gerri: how do you discuss your pay with co-workers? my answer, you don't. some are saying it is not taboo. unbelievable. details next.
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♪ gerri: all right. should you discuss your pay with co-workers? apparently there are people who think this is a good idea. how do you do that? joining me now and a career in workplace experts. i have to tell you, i can think of a few things that are a worse idea and then talking to your co-workers about what kind of money you make. you say it makes sense. why? >> we are in a different age. the air in the age a transparency, and we have yet regeneration that is becoming, well, pretty used to sharing everything and social media. and so while it's that tough conversation, they're comfortable with it. gerri: so you're telling me i'm old and then does not with it and if i was martha would be sharing my pay. here are my questions. if i am sharing my pair would
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tell workers come out of there are even telling me the truth? tammy, i would like if my co-worker came to me and said to my making twice where you aren't here is the north i'd say, welcome you're wrong. i'm making more than you. i would never tell them the truth. why would you expect your co-workers to tell you the truth about a? >> i think you're demanding or looking at trust as well. one of the things we always say. don't talk to someone you don't just because that could backfire . know your own motivation. is not about bragging or comparing yours versus mine but about learning and better educating yourself. gerri: educating, but to what end? why am asking my coworkers for a much money they made? how can i use that to my advantage? >> you can't. really, pay practices and companies are a bit like a black hole of knowledge. companies don't necessarily inform us well enough. so you're trying to figure out what i need to know to best be.
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>> to have this conversation with my manager about my pay in the future gerri: they put out averages for pay for different vocations all of the country. they tell people what the averages are. so if your goal is to get your pay to go higher and you plan to negotiate with your boss, wouldn't it be just as good, if not better to get to one of these web sites and get a number and walked in and say, look, i'm 5,000 under the average? >> no doubt. the conversation does not have to be the first. we are now in this age a transparency and have sites where you can do that. i also think that it is -- because the one size fits one. every company has different ways of paying, understanding what is going on around you that helps you be equipped for that conversation. gerri: i'm still not.
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would you share in anonymously for the up-and-coming young journalists to some they're saying, do i want to be, and anchor on fox business. it is very valuable for someone to know. gerri: had not know that i would do that either. it is an interesting question. i think that the information, if you can get it, is valuable, obviously, to meet -- to your negotiation. absolutely true. the idea that you and your buddies at the coffee clash could sit around and share this information and you can rely on it for negotiation to me seems a little, i don't know, like, i wouldn't rely on it. i have friends there work. >> look, you're looking for ranges in trying to get a direction. the way your patient go. the thing is, we are very used to having a one-way conversation, sitting down and are boss telling is what our pay
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increase will be. an uncomfortable conversation to have that dialogue. and so. gerri: the last thing i will say , dora told me she is making this amount. you know, i just think that -- your website and others to have valid information about competitive pay. come back. maybe you can tell me next time. gerri: you probably don't have to talk about it. you have someone that can talk for you. we will be great if real and that tomorrow we don't. gerri: thanks. >> you're welcome. countries with high unemployment gerri: europe is topping the list. the unemployment rate is over 26 percent very small business owners want to change obamacare. of course they do. currently lobbying congress for a fix. emeline heels of strong tradition of the window. young couples are buying homes will for their getting married
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which is what is hot. right now. coming up, is using your smart phone gps the case of distracted driving? the defendant in a shocking court case next. you will want to see that. we try to clear up confusion when it comes your frequent-flier miles. easy ways to find out how many you have and how not to waste and coming up next. all stations come over to mission a for a final go.
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gerri: confusion in the air when it comes to frequent-flier miles. nearly two-thirds collect them but 73 percent have no clue how many they have. and how many are letting their miles go to waste? year to maximize frequent flier miles as the ceo of fare compare.
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why are people so confused? >> because it is a virtual currency. you get these points you don't know what they are worse than to have an environment so it is hard to redeem so are they worth anything? and airline points and hotel points it gets confusing. gerri: and they say that they don't know how the programs work you can tell us how to maximize the miles. how to attract them? >> those that can track the most popular a lot of the companies that are locking in has been cut off by the airlines. said you really have to go through point* stock, or have to do that by hand. i don't have a lot of accounts i just try to accumulate in a couple
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different areas. with a 12 year-old daughter who has over 12,000 air miles that we use. [laughter] gerri: flyer >> they will track your different points and they can do a variety of points and am looking at different things and your e-mail is. these sites can help. the airlines don't like them and credit-card companies don't like them because you have to give out your user name and password. >> that is a very good point*. gerri:. >> my personal experience i like to redeem them for last-minute emergencies. that is when it costs $1,000.
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second i'd like to use them for upgrades and maybe special trips i use them to go with my wife first class to beijing. once-in-a-lifetime trip it depends on your particular strategy but i have the break point* for domestic tickets if the prices over $416 used points if it is under that pay cash. gerri: domestic round-trip $460 spee cash. >> over that consider using points. gerri: coast-to-coast 525? >> a little bit more for hawaii. gerri: thank you for coming on. good to see you. no napping while driving after a judge ruled our next guest violated the law when he use the smart phone map to navigate.
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here to tell us the story is a professional development officer. thinks for coming. tell us your basic story. >> i was driving down the freeway in a middling because traffic came to a stop because of construction and i reached over to grab my eye phone and i brought up the map to find a different way home. california highway patrol had stopped his motorcycle i was startled to see him looking in my window directing me to the side of the road to issuing me. gerri: you say you're looking at the map? >> i say the law applies to talking or listening on the cellphone and i was doing neither. gerri: does the of language actually say talking or listening? >> the language is very clear less than 50 words
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instituted 2009 and basically outlawed using a cellphone while driving so precise they had to pot -- pass a second model lot testing but said judges have interpreted to all uses that we call a sulfone. gerri: you get a ticket you still were not happy so you wrote your own appellate brief. where does this stand? >> wrote the appellate brief ticket to the three judge panel issued a decision that basically said i lost and expanded the definition of using a sulfone while driving to basically holding it while you are in a car. i have been very fortunate of local law firm has agreed to take over the case pro bono to see if we could get this to the fifth district to review the case.
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it is a bad decision to expand the lobber it was never intended. gerri: i have that judge's ruling that i want to read and you can say what you think. >> the primary evil sought to be avoided is the destruction while using his or her hands to operate the phone that would be present if it was used as the telephone, a gps or clock or a device or text messages and the males. what do you make of that? he says it doesn't matter, let does is the phone is in front of her face distracting you from driving. >> i fully agree with the statement using the cellphone while in the car is a distracting i am. we are distracted all the time there are thousands from kids to birds to other cars. our job is to make sure we don't let our distractions interfere. i was not unsafe i was not
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weaving across lanes or accelerating when i should not have. i object to the expansion of a lot to this extent. i firmly believe we need to have stronger enforcement of distracted driving. my son is a victim who was using his cell phone cut across three lanes and took out my son in a biplane. he will have pain for the rest of his life. these are his legs. i firmly believe we need to enforce these laws but i think it was not intended to be enforced in this way. gerri: thank you for coming on. i appreciate your time. an interesting debate. i have got to tell you i see the judge's point* but i am sympathetic to you as well. thank you. >> thank you for your time. gerri: you can argue looking at a map on your phone but there are other things people do while driving that is the top five list.
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number five, picking your nose. it is distracting to other drivers around you because we can see you. number for watching tv or reading. drivers have access to tv is on the dashboards that is a big mistake and also the down your amazon candle. number three, singing and dancing. what is wrong with that? do it with your hands on the wheel and there is no problem. number two, eating. it is called a drive through pull over to e your french fries. and number one is put on makeup. ladies we're all guilty of this in the producer says she used to put on makeup while driving a standard car so she was shifting. with jobs gives us his take on a big day in d.c. and also new york sports fans. today in business comes up after the break.
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gerri: a train wreck and he faces a tough reelection next year in a state that has shown skepticism about obamacare. in response hhs secretaries sebelius ended with the white house always does and blames everything on the republicans. the ending of a planned from business executives to religious leaders and activists to others but to get something through the do nothing senate let's bring in new jobs -- we adopt -- lou dobbs. >> with the idea that we bring it into the house and the president will sign it runs into obstacles including somebody did not figure out the real cost of the plan. we're hearing numbers. we know about this 17 billion the gang of 8
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have given but there is a cost for the social safety net that comes with living in america. they are projecting those to go through the 13 year period you to become citizens and their low-skilled for the most part and lower educated immigrants coming into this country to find a pathway to citizenship, they estimate the cost to be between two and $4 trillion unfunded liabilities plus the direct cost of medicare and medicaid for the number of over 11 million people affected with this program plus those of they bring in from those families and to join in in this country. so it is a staggering issue it has to be sorted out with a markup and hearings and what normally would have been like in the mid '80s
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with amnesty they had over 100 hours of hearings with 300 witnesses the american people had a voice of the wanted it to be heard. the chairman of the house judiciary committee says we think maybe one is fine. here in 15 minutes the congressman is one of the best informed in finest public servants in the country and we are looking forward to bring him to our audience. he is relentlessly knowledgeable and concerned about the national interest. gerri: that is rare with elected officials. [laughter] >> we have one or two. [laughter] gerri: this business day 1923 the original yankee stadium opened in the bronx
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more than 70,000 baseball fans bought tickets at $1.10 to be the red sox took the time is hailed as a one-of-a-kind facility for its size costing 2.5 million dollars to build and after the reagan a season home games they moved across the street in 2009 to the brand new one point* $5 billion home. to a yankee stadium is the most expensive stadium ever built and the second most expensive of of any kind after metlife in new jersey but today the original yankee stadium opened for the first home game 90 years ago. 2013 has not been kind to apple investors and will the biggest debt company ever come back?
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gerri: ample stocks falling below 400 bucks for the first time since 2011. is there any hope? find that after the break.
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gerri: a few big earnings reports tomorrow that will probably move the market. mcdonald's angie. no major economic news expected but we will be waiting to hear what treasury secretary has to say. on the state of the global economy at a conference in washington d.c.. also to the postmaster general will present the agency's new five-year business plan if it lasts that long. in the post office is losing $25 million per day.
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of the most on stock of 2012 but not anymore. the sat -- apple $700 days are gone dipping below $400 from the all-time high 72% drop them in next guest from fulcrum securities back when trading at the nosebleed levels he said 30 percent was sheer love and people love think the brander rationally pumping up the price. do you agree? >> sure. any time a stock has run like to go i think there is some type. gerri: you mean apple? >> guns are a. when i was on your show in january of last year we put it on the top-10 list and got out but not at the top either.
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but during the break you were asking the question is there any hope for apple investors right now? and the expectations have come down. gerri: are you a buyer? >> it is still too early in my book for if you run the performance account but the for the long-term investor who can weather the dead money period it is very cheap. gerri: maybe it is cheap for a reason? >>. >> as far as the management team goes with steve jobs passing they still have to prove themselves and there is skepticism but aside from the fact that samsung eats their lunch in one area obviously they still have a pretty good compelling broad product line.
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gerri: and people who adore everything they put out. another impact is the rest of the market. at was so big that any little movement in the share price would swing that now is losing fat. look at the nasdaq 100 apple waves that and that nasdaq composite the present -- 8%. so the stock influence is diminishing. >> the ft side is once the stock is big enough with the s&p 500 hrs is the systems that is a good sign it is time to bail out as well. gerri: google and microsoft
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and ibm reporting earnings. there has been a lot of big questions about technology. have the stock's been oversold? >> i don't think they have necessarily been oversold. with the big cap multinationals of course, it was three big tech companies today but the dollar is moving up one reason i suggested the shift to the smaller cap but i think the earnings expectations got out of line and that made stocks expensive now we see the shift into more defensive stocks that is another reason why they take a hit. my overweight is on financials and consumer staples not technology. i don't think they are cheap enough yet. gerri: i do relate to you on
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one level. remember when we would pick value plays isn't answering darts at the board? where do you think the value is right now? >> i think it is still in financials. they were beaten up so bad and they have done pretty well the they have a long way to go and financials is a longer term secular trend and consumer staples at least for right now i'm sorry i guess those of the two sectors i like that would pick financials longer and stable shorter-term. gerri: that seems like a weird part. >> talk about mcdonald's there is right there is a bellwether. gerri: date you for coming. we will be right back.
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do you trust the government with your personal data? stay with us. own? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and at's a great thing. but even though we're living longer, one thinghat hasn't changed: the official retirement age. ♪ the queson is how do you make sure you have the money yoneed to enjoy all of these years. ♪
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gerri: the consumer protection financial year is paying mortgage companies for information about you and they say to protect you do you trust the government with your personal data? consumer bureau sounds like a contradiction of terms gathering private information does not protect me from the government is now in every aspect of our lives. i don't trust the government with a ham sandwich. gerri: nobody said the s s100 percent said no we do not trust the government. i cannot blame you there. log on for hour online
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question every day. also sample its you to work and extra five days just to pay off taxes. today's tax freedom to pay off their total tax bill for the whole year this has been pushed back every year since a bomb attack office. the tax foundation says you pay more in taxes this year than you spend on food clothing and housing combined. americans work 40 days to pay off federal, state, and local income taxes with a total of $4 trillion. the new payroll taxes require another 24 days of work plus 15 days for excise taxes, 12 days for property taxes and nine days for corporate income taxes and what about the deficit? he will have to work until may 9th.